Therefore, the debt is charged off. But the accounting move by the creditor to charge off the balance due in no way affects your obligation to pay what is owed. In the most basic terms, a debt is owed until it is paid. However, state laws provide a statute of limitations for collecting a debt using the courts. The laws vary, but most states do not allow creditors to sue in court to collect on an open-ended account, such as a credit card account, after three to six years.
sorrow meaning, definition, what is sorrow: (a cause of) a feeling of great sadness: . Learn more.
Although he was sorry to have to hurt them, he rejoiced that his letter brought them to godly sorrow âas God intended.â Godly sorrow is that which brings the repentance that leads to salvation (2 Corinthians 7:8â9). Godly sorrow is a kind of wretchedness that can bring the repentant sinner to tears of grief. A good example of this is Peter at the time of Jesusâ arrest and trials. When accused as being one of Jesusâ followers, Peter disowned Jesus by cursing and swearing to his accusers that he did not know the Man.